Help me beat the banks/finance needed so I can sel

Viewing 6 posts - 1 through 6 (of 6 total)

grega21360
Member
@grega21360
Join Date: 2003
Post Count: 38
September 3, 2004 - 4:43 am
I need a clever finance providor or system to sell a 34 sq/ m unit.
Banks are telling my prospective buyers who want my unit to go buy a bigger one and then they will get their loan.
Surely there is a lender out there who won’t need to get stuck on such a stupid rule .the property has proven itself already to be a good investment and several agents all agree it is worth what we are asking.
Does anyone know the pitfalls of doing part vendor finance as this is one option I am considering .I am in WA and not set up to do wraps (maybe a future option)
Please Give me any sound strategies for selling.
Thanks
Greg
calvin_thirty4
Participant
@calvin_thirty4
Join Date: 2004
Post Count: 556
September 3, 2004 - 5:18 am
Why sell it if it is a good investment? SOme of us look for good investments to keep long term.
Cheers
C@34
kp
Member
@kp
Join Date: 2004
Post Count: 509
September 4, 2004 - 4:26 pm
You need to apply for a Credit Providers Licence to do vendor finance in WA.
Check out DOCEP website, all instructions and forms are avail online.
KP
MichaelGruber
Member
@michaelgruber
Join Date: 2002
Post Count: 30
September 4, 2004 - 6:57 pm
Hi,
Unless the unit is the person’s principal place of resident then they can provide vendor finance without a license.
However if they are in the business of vendor financing and selling places in a business like manner then contact the Department of Consumer and Employee protection to verify it would be ok to sell the PPOR.
Do some research – find out if there are any no-doc loans etc that would lend – find out the LVR and consider providing vendor finance for the difference between your asking price and the loan’s LVR.
Regards
MichaelG
traceyimb
Participant
@traceyimb
Join Date: 2003
Post Count: 82
September 14, 2004 - 12:21 pm
Greg,
Is it a studio/bedsit or is does it have a separate bedroom? If a studio it is possible to get finance if it is under 35sqm. I am assuming it is inner city.
If you want to sell by vendor finance or lease option can you please send me the details to my email address.
Regards
Tracey[biggrin]
[email protected]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 15, 2004 - 2:40 am
You could steer your prospective clients to Wide Bay Capricorn Buidling society and also St George. I beleive both will finance small places like yours.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au